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StorageNetworks beats 3Q estimates, announces secondary offering

StorageNetworks' (Nasdaq: STOR) third quarter results easily beat expectations as the company posted a loss of 37 cents a share. First Call Corp.’s forecast was for a loss of 44 cents a share.

The data storage service provider released its financial results Tuesday, reporting a third quarter net loss of $27.5 million before interest, taxes, depreciation, amortization and non-cash stock compensation. The EBITDA loss for the same period a year ago was $5.14 million.

Revenues for the quarter were $14.3 million, up from $2.3 million for the same quarter last year.

In a press release, the company said its customer base increased by 52 percent in the quarter, adding names such as Adero, Thomson Investors Network, United Messaging, Star One, and GlobalNetXchange to its roster. StorageNetworks also expanded its relationship with existing customers.

The company also said that its managed storage services 12-month backlog increased by 71 percent to $72 million.

In other news, StorageNetworks announced that it plans a secondary offering of 9 million shares of its common stock. The company will offer 5.4 million shares and certain stockholders plan to offer 3.6 million shares. An additional 1.35 million shares may be issued to cover over-allotments, if any.

StorageNetworks also announced that Thomas Casey, Vice Chairman and CEO of Global Crossing, has resigned from StorageNetworks’ board of directors to focus on his duties as CEO of Global Crossing. >